What is a Hard Credit Check?

With a hard credit check, the company conducting the check will first need your permission to access your credit report. (Typically, you provide permission at the same time that you apply for their service or product.) Your credit report contains a range of financial information that includes your loan payment history and whether you have any outstanding balances. Based on this information, the company decides how likely they think you are to make payments on time.

What’s the difference between a Hard Credit Check and a soft credit check?

By law, companies can view your credit report for a number of different reasons without your permission. (For instance, a credit card company might conduct a soft credit check to offer you a pre-approved card.) These inquiries are recorded on your credit report but don’t affect your credit score.

Hard credit checks, on the other hand, require your permission and can affect your credit score.

When are Hard Credit Checks performed?

Hard credit checks are almost always conducted for loans and credit cards. Sometimes they’re also conducted for apartment rentals, cell phone contracts, or opening a bank account.1 In all cases, you must first provide permission before a company can conduct a hard check on your credit history.

Why does a Hard Credit Check affect my credit score?

Your credit score essentially represents how likely you’re considered to be to make payments on time. If you apply for a lot of loans—and thus have a lot of hard credit checks on your credit report—it might be seen as an indication that you’re in poor financial health.

How many points does a Hard Credit Check take from my score?

The impact of a hard credit check varies from person to person. For most, a hard credit check will cause a loss of no more than five points. However, if you have a short credit history or lots of hard checks, it might drop by more.2

On the other hand, if you happen to be shopping around for the best offers on a mortgage or auto loan, the credit bureaus may combine several hard credit checks into one. Usually they do this for all similar hard credit checks conducted in a 45-day window. This allows you to finish rate-shopping with minimal impact to your score.3

How long will a Hard Credit Check be recorded on my credit report?

Hard credit checks can stay on your credit report for up to two years.4

CA residents: Opportunity Financial, LLC is licensed by the Commissioner of Business Oversight (California Financing Law License No. 603 K647).

DE residents: Opportunity Financial, LLC is licensed by the Delaware State Bank Commissioner, License No. 013016, expiring December 31, 2019.

NM Residents: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website http://www.rld.state.nm.us/financialinstitutions/.

NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

Based on customer service ratings on Google and Facebook. Testimonials reflect the individual's opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

* Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

Rates and terms vary by state.

If you have questions or concerns, please contact the Opportunity Financial Customer Support Team by phone at 855-408-5000, Monday-Friday, 7 a.m.- 10 p.m. and Saturday and Sunday between 9 a.m. – 4 p.m. Central Time, or by sending an email to help@opploans.com.